RIYA ANANDPARA
Gender Inequality in the UK
Despite progress, women in the UK face significant barriers to achieving equality in the workplace. They are underrepresented in leadership roles and earn less than men. Factors contributing to this include a lack of flexible working hours, job segregation, and economic shocks like recessions. Closing the gender pay gap and increasing female representation in leadership positions are ongoing challenges.
THE SOSTAC PLANNING FRAMEWORK
For this marketing plan to be effective in its structure, we are following The SOSTAC Planning Framework. This framework comprises of 6 key elements: Situation - Where are we now?, Objectives - Where do we want to be?, Strategy - How do we get there?, Tactics - What tools do we use to get there?, Actions - A detailed action plan to follow and Controls - How do we track and measure our progress and success. When each of these elements are combined a comprehensive and complete marketing plan is created with information on all aspects. In this plan, we will follow this framework chronologically to guide you through each step of our marketing plan
FIRST STAGE - SITUATIONAL ANALYSIS
If an organisation wants to promote gender equality and bring sustainable change in society, they need to conduct a situational analysis by doing thorough market research to keep up with the changing environmental trends and strengthen the foundation of its strategies. A situational or environmental analysis is a methodology which helps to analyse where the organisation currently stands in the market by understanding the internal and external factors, trends, strengths, weaknesses, forces, etc. by examining the past and present data which have a potential to impact the performance of the business. The first stage of the SOSTAC planning framework, situational analysis is undertaken by the application of competitive analysis concerning different sectors, Comparative Analysis.
COMPARATIVE ANALYSIS
Healthcare vs. Real Estate
Gender Representation
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Healthcare: More women in the workforce overall, but fewer in senior leadership roles compared to their overall representation.
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Real Estate: Fewer women in the workforce overall, and even fewer in leadership positions.
Challenges
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Healthcare: Balancing work and family life, stereotypes, limited opportunities in specific roles.
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Real Estate: Stereotypes about the industry being male-dominated, career breaks due to family responsibilities.
Opportunities
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Healthcare: Leadership roles available, potential for mentorship, growing sector.
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Real estate: Growing sector, potential for leadership roles, chance to change industry perception.
Gender Pay Gap
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Healthcare: Exists, with men in specialized roles earning more.
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Real Estate: Exists, with men earning significantly more than women.
Initiatives
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Both sectors: Need for diversity and inclusion programs, flexible work arrangements, and leadership development for women.
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Real Estate: Additional focus on promoting the industry to young women.
Public Perception
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Healthcare: Seen as female-dominated but with men in leadership roles.
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Real Estate: Seen as male-dominated with limited opportunities for women.
Collaboration
Both sectors: Partnerships with educational institutions and women's organizations can help drive change.
PEST ANALYSIS
POLITICAL
Current government policy and commitment to gender equality in business
● Government funding to support women in business
● Gender Gaps in Political Representation - as of March 2023 women made up “31% of parliamentarians”
ECONOMIC
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High-Interest rates making the real estate/housing market less attainable to buyers- Increased mortgage rates
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Help to buy loans creating incentives for first-time house buyers
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Sales rates of property are still stable - real estate is a stable sector.
SOCIOLOGICAL
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Increased Social emphasis on gender equality
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Media representation
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Gender norms surrounding female homemakers
TECHNOLOGICAL
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Advancements in educational online services - post-covid learning environment
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Rise in the popularity of property apps
SWOT ANALYSIS
STRENGTHS(Internal)
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Appealing to a wide range of women working in the real estate industry
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Will provide information on funding options for women in this sector
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Will act as a source of training and education for women in real estate to improve their skills and knowledge
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Will connect aspiring entrepreneurs and leaders with established women in this sector as part of a mentorship programme
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Will provide information on childcare programmes and support for working parents such as work-from-home options
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Free service to ensure it is accessible and useful for all
WEAKNESSES (Internal)
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Can not contribute to the allocation of funding for female-led businesses
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Cannot contribute to the reduction of the gender pay gap in this sector
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Requires several partners to provide services such as training and education programmes (external collaborations
OPPORTUNITIES (External)
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major growth in the market with more women pursuing entrepreneurial roles
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Increase in the number of women in leadership roles generally
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Increase support and advocacy from the UK government for women in business with the allocation of funds to the ‘Start Up Loan Scheme’ for new businesses
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Gender disparity in the Real Estate sector leadership roles - an opportunity for growth in this area
THREATS (External)
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Competitors - companies such as ‘Rewoman’ providing similar services to women in real estate.
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Gaps in funding for female entrepreneurs to start-up businesses.
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Gender pay gap across the whole real estate sector.
SECOND STAGE - OBJECTIVES
Goal:
Help women succeed in the real estate industry by addressing challenges like lack of funding, education, and support.
Solution:
Create an online platform for women in real estate to:
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Network and find mentors.
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Access free education on business and leadership.
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Find childcare resources and work-from-home information.
By providing these resources, the platform aims to reduce gender disparity in the real estate sector.
Target Audience:
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Women aged 21-50 in the UK
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Working in real estate or interested in the industry
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At various career stages (entry-level, management, leadership)
Strategy:
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Create a network of experienced women to mentor newcomers.
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Partner with women's organizations to increase awareness and funding.
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Offer flexible work options to encourage women to re-enter the workforce.
By focusing on these areas, the business can help more women succeed in the real estate industry.
AIDA MODEL
Grab people's focus with striking visuals and statistics about the gender gap.
ATTENTION
INTEREST
Spark curiosity about the benefits of gender equality in leadership.
DESIRE
Convince people that gender equality is essential for business success.
ACTION
Encourage people to take steps to promote gender equality, such as joining the network, mentoring women, or implementing inclusive policies.
CHANNEL STRATEGY
A channel strategy is a plan that outlines how a company will reach its target audience and deliver its products and services to customers by choosing and dealing with various distribution channels to optimize the overall customer experience by understanding the target audiences and their preferences by identifying the channels the audience is mostly like to use and trust. 21 We can analyse the channel strategy through the race framework which will help us to understand the report in the systematic manner.
RACE Framework
RACE is a digital marketing framework used to drive awareness and action. Applied to gender equality, it means:
Grab people's focus with striking visuals and statistics about the gender gap.
REACH
ACT
Encourage women and organizations to take steps towards gender equality.
CONVERT
Turn awareness and action into concrete changes like policies, mentorship programs, and leadership positions for women.
ENGAGE
Keep the conversation going through feedback, discussions, and celebrations of successes.
FOURTH STAGE - TACTICS
Content Strategy
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Create a variety of content (videos, blogs, courses) to attract and engage women at different stages of their careers.
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Utilize the Hero, Hub, Hygiene model to deliver high-impact, consistent, and practical content.
Partnerships
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Collaborate with other organizations and influencers to expand reach and credibility.
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Leverage the popularity of real estate shows and influencers to attract a wider audience.
Events & Webinars
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Host in-person and online events to connect women, provide education, and foster networking.
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Offer opportunities for members to interact with industry leaders.
Advocacy
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Use the network's influence to advocate for policy changes and better working conditions for women in real estate.
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Partner with other organizations to amplify the campaign's impact.
Social Media
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Utilize platforms like Instagram and TikTok to reach a wide audience.
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Promote network content, events, and partnerships.
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Engage with followers to build a strong community.
FIFTH STAGE - ACTION PLAN
December 2023 - March 2024
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SIXTH STAGE - CONTROL
The control phase involves measuring and managing the network's performance.
Track website traffic, membership sign-ups, social media engagement, and user feedback.
Measure success
Analyze data
Use analytics tools to understand performance and make adjustments.
Manage budget
Monitor spending, ensure efficiency, and allocate resources effectively.
Plan for the unexpected
Create a contingency plan to handle crises or unforeseen challenges.
CONCLUSION
The real estate sector has a significant gender imbalance. This plan proposes solutions to address this issue through networking, education, mentorship, and flexible work arrangements. By implementing these strategies, we can create a more equitable industry.
Success in closing the gender gap requires a multifaceted approach and ongoing effort. The network can serve as a catalyst for change not only in real estate but also in other sectors facing similar challenges. Ultimately, achieving gender parity will benefit both individuals and businesses by fostering innovation, productivity, and economic growth.